Value for IHT of 99% of a house? help

getmore4less

Thanks for coming back with the update.

Keep_pedalling

Dulce-ridentem wrote: »

Thanks to everyone - I completed all the paperwork myself but paid £1200 for a solicitor to advise me, to check the forms and to make the submission. We claimed 10% discount for the joint ownership.

HMRC have just confirmed that "based on what I have told them" they are ok with this and the IHT has been concluded. It all took about 2 years start to finish, which is less time than the solicitor took to sort out my Dad's will (which created a trust and left everything to my Mum).

My brother has a new flat and my sister has been able to move house to get the school she wants. My grandfather (a self-made man) bought the house for my parents for £3,000 in 1960 and it sold for £900,000 in 2017 -- his gift will help even his great grandchildren significantly. An amazing thing to achieve. I wish he could know how much his gift has benefited all of us, 60 years on!

Did the sale result in any CG liability for you and your sister?

Dulce-ridentem

Yes but CGT was small. I applied to HMRC to have it calculated for me (has to be done by October of the year after the gain, I think, or else you have to make the calc yourself).

We appropriated the house to the four legatees before selling - this gives far more CGT allowance.

Brynsam

What a really interesting post - thank you for taking the time and trouble to update. So glad it has worked out well for you all.

badger09

Agree with Brynsam & others.

@ Dulce-ridentem

Thank you so much for coming back with a full update. It makes this forum a better place for everyone.